Plains All American Pipeline (PAA) Tops Q3 EPS by 1c, Offers Guidance

Plains All American Pipeline (NYSE: PAA) reported Q3 EPS of $0.53, $0.01 better than the analyst estimate of $0.52. Revenue for the quarter came in at $11.12 billion versus the consensus estimate of $11.47 billion.

“PAA also provided preliminary adjusted EBITDA guidance for 2015 of $2.35 to $2.5 billion. We believe our preliminary 2015 guidance range reflects a cautious and prudent approach that acknowledges uncertainties associated with the recent decreases in oil prices and related differentials as well as the potential drilling reductions by producers in various crude oil resource plays. At the $2.425 billion midpoint of this preliminary guidance range, adjusted EBITDA is forecasted to increase approximately 11% year-over-year. Absent acquisitions, we are targeting to grow PAA’s distribution by approximately 7% to 10% over 2014, while achieving coverage in line with our minimum target range. PAGP’s corresponding distribution growth target is approximately 21%.”

Armstrong added, "PAA is well positioned for recent developments as our existing asset base and capital program are focused primarily on the core shale basins and key market areas and we ended the quarter with a strong balance sheet, our credit metrics compare favorably to our stated target metrics and we have approximately $2.5 billion in committed liquidity."

For earnings history and earnings-related data on Plains All American Pipeline (PAA) click here.

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